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ADEMY 1 Business Fin X Ofe/Users/Mashudu/Desktop/BusinessFinance%20notes/ADBM%207%201%20Business%20Finance%20New.prt.pdf QUESTION 4 (20 Marta) REQUIRED Use the following information provided by Ashleigh Enterprises to prepare the 4.1 Debtors Collection Schedule for March and April 2021. (4 marks) 42 Cash Budget for March and April 2021 (16 marks) Note: Where applicable, round off amounts to the nearest Rand, * Use separate monetary columns for each month INFORMATION 1 The following are estimates for the first four months of 2021 January (R) February (R) Sales 140 000 120 000 Purchases 70 000 60 000 Wages 9000 9 000 March (R) 190 000 85 000 ? April (R) 230 000 115 000 2 2 3 4 Forty percent (40%) of the sales are for cash and the balance is on credit. Collections for credit sales are as follows 30% during the month of the sale, 65% in the month following the sale The remaining 5% is written off as bad debts All purchases are on credit Creditors are paid two months after the month of purchase Ashleigh Enterprises will make an investment of R60 000 in fixed deposit on 01 March 2021 Interest of R400 per month is expected to be received from March 2021 Rent expense amounts to R156 000 per year and is payable monthly Wages will be increased by 9% on 01 March 2021 A new computer is expected to be purchased for R15 000 cash during April 2021 Commission payable to sales personnel is calculated at 10% of sales and it is paid one month later The bank balance on 28 February 2021 is expected to be R30 000 (favourable) 5 6 7 8